Single-family home definition
When most people think of a single-family home, it's a stand-alone structure built on its own land that does not share walls with any neighbors.
However, that’s not the only definition of a single-family home out there.
The U.S. Census Bureau also classifies semi-detached properties like row houses and townhouses as a single-family home if they’re separated by a wall running from the ground all the way to the roof. They also can’t share any utilities like heating or air conditioning systems, can’t share common spaces like an attic or basement, and can’t be stacked on top of one another.
Single-family home vs. multi-family home
In many cases, the difference between a single-family home and a multi-family home is obvious. Multi-family structures, like duplexes and triplexes, have separate units for separate families inside of one building.
That said, things are not always as straightforward as they seem.
For example, I lived in a detached two-story house as a child. When I was a baby, my parents rented out the upstairs, which had its own entrance and kitchen. When I got bigger, the tenant left, and my brother and I took over the upstairs as our “kids’ pad.”
The upstairs unit had a separate entrance and its own kitchen, but both living spaces had the same address and shared utilities. So was our property considered a single-family home or a multi-family?
If you live in an arrangement like this, and an organization is asking about your home type, you may need to ask them for clarification on their own definition.
More: Townhouse vs. house
Pros and cons of a single-family home
Single-family homes are perfect for some people and not-so-perfect for others. It all depends on your priorities and current life circumstances.
Pros of single-family homes
The most obvious advantage of a single-family home is privacy.
Unlike multi-family homes and condos, you probably have your own yard and don’t have to share walls with anyone. You can grow a garden, put in a playground, build a deck or whatever else fits your fancy.
You don’t always have these freedoms with other housing options — especially those regulated by a homeowners association (HOA).
So long as you avoid the odd neighbourhood that does have an HOA, you also get to skip those monthly fees. You won’t end up paying for expenses you don’t use or care about, like that playground they installed for the kids you don’t have or the paint job you hate.
Another advantage to single-family homes is you typically will have much more storage space than a condo, townhouse or apartment. If you need more room, you can expand your garage or build a shed.
Cons of single-family homes
While single-family homes give you more freedom, there’s also added responsibility that comes with it.
When you live in a detached home, you will spend time and money doing your own maintenance — something you typically don’t have to worry about in condos, apartments and condo townhouses.
Mowing the lawn, shoveling the snow, pulling the weeds, raking the leaves, fixing the gutters… Maintaining a house is almost like another part-time job.
You also miss out on the convenience factor of having a swimming pool, gym and other useful amenities on site. Meanwhile, you’re paying for all that yard, whether you’re the type of person who will use it or not.
Stop overpaying for home insurance
If you're feeling the moving bug or find yourself in need of a new housing situation, a single-family home is a great option.
Start browsing real estate sites and apps to get a feel for what types of homes are available. You could also connect with a real estate agent to help you get started.
Then, you'll want to check out this guide to buying a home. It covers everything from gathering the documents you need to finding the best mortgage rate available.
More: Is now a good time to buy a house?
Secure your retirement with a reverse mortgage
If you’re low on cash savings and investments but have wealth in your home, a reverse mortgage is a great option for covering retirement expenses.
Mutual of Omaha is a trusted insurance provider that helps you make the most of your home equity.